Cyprus inflation rises to 3.7% in September amid soaring energy and housing costs
Inflation in Cyprus accelerated to 3.7 percent in September, driven by significant increases in fuel, electricity, and housing costs, according to the Cyprus Statistical Service (Cystat). The Consumer Price Index rose to 104.01 units, marking a 0.74 percent month-on-month increase and pushing annual inflation up from 3.5 percent in August. Notably, petroleum products prices surged by 25.8 percent, while electricity and water costs rose by 11.2 percent year-on-year.
In response to the rising cost of living, the Cypriot government has introduced a €70 million support package, bringing total assistance to approximately €160 million. Measures include excise duty cuts on heating oil, extended electricity subsidies for vulnerable households and businesses, VAT relief on essential goods, and targeted financial aid for low-income and mountainous area residents.
Despite these efforts, energy and transport costs continue to exert significant inflationary pressure. The government remains committed to monitoring prices closely and has emphasized its fiscal capacity to provide ongoing support amid high global oil prices and broader inflationary trends across the Eurozone.
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